CleanMax shares rise after Q2 results beat analyst estimates
The renewable energy company reported an 82.3 per cent year-on-year increase in net profit for the second quarter.
Shares of CleanMax Enviro Energy Solutions Ltd. traded higher on Wednesday, November 4, after the company reported Q2 FY27 results that exceeded analyst estimates for EBITDA and net profit, according to Mint.
The company reported a net profit of ₹64.9 crore in Q2FY27, representing an 82.3 per cent year-on-year increase from ₹35.6 crore a year ago. This figure was higher than the estimated ₹42 crore. Revenue from operations rose 37 per cent year-on-year to ₹727.6 crore, up from ₹530.6 crore in the same period last year.
EBITDA increased 51 per cent to ₹547.7 crore, beating the consensus estimate of ₹436 crore. The power sales business drove growth, with revenue surging 67 per cent to ₹604 crore and reporting an EBITDA margin of 84 per cent. Conversely, renewable energy services revenue declined 24 per cent year-on-year to ₹123.6 crore.
CleanMax Managing Director Kuldeep Jain said the operational portfolio continues to expand and noted that securing grid connectivity ahead of demand is important to support growing business energy requirements. The company reiterated its FY28 EBITDA target of ₹3,000 crore.
Macquarie has maintained an 'Outperform' rating on CleanMax with a target price of ₹1,700 per share. The brokerage attributed the EBITDA beat to a favourable business mix and rising renewable energy demand among commercial and industrial customers.